Languishing can be Damaging to Your Personal Finances
June 25, 2021
Languishing after COVID-19 could be harmful to earning an income. That can be detrimental to your ability to be financially self-sufficient, writes Peter Watson.
Your financial success has a new potential obstacle to overcome.
This obstacle was discussed in a New York Times article earlier this year on languishing. Early research suggests that languishing could result in reducing your work effort.
Languishing: You are not depressed; you are not highly motivated or focused. You are somewhere in between.
As if your senses had been dulled as result of the many aspects of your life being put on hold for over a year because of the pandemic.
Some might refer to this “brain fog.” You are not your normal self. Tasks can be more difficult.
Research suggests that languishing could result in reducing your work effort. Plus, subject you to a greater risk of mental illness.
Both of these reduced mental states of mind can be harmful for your ability to earn an income. This could strike at the very core of our financial existence.
Financially, life is simple. You have a job that pays you money and that money supports you and your family. If your ability to work diminishes, your ability to earn an income could be reduced or be eliminated.
This is a risk that could prove to be very significant.
We have a few recommendations.
The pandemic has been like a major earthquake that has shaken the foundation of how we live. The aftershock might not be easy to observe but nonetheless can be very damaging.
Be aware that you have the personal risk of not being able to bounce back after our world returns to normal. Perhaps family members and friends are vulnerable to the same risk.
For most of us, our continued financial success is dependent on the ability to earn an income.
Take care of yourself. If required, consider seeking professional help.
Peter Watson, of Watson Investments MBA, CFP®, R.F.P., CIM®, FCSI offers a weekly financial planning column, Dollars & Sense. He can be contacted through www.watsoninvestments.com